A method and apparatus to generate a volume-panorama image are provided. A method of generating a volume-panorama image includes receiving conversion relationships between volume images, one of the received conversion relationships being between a first volume image of the volume images and a second volume image of the volume images, the second volume image including an area that is common to an area of the first volume image, generating an optimized conversion relationship from the one of the received conversion relationships based on the received conversion relationships, and generating the volume-panorama image based on the generated optimized conversion relationship.